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state seal 85.24
Revenue and Cash Receipts - Illustrative Entries

85.24.10

May 1, 1999

These entries are for illustrative purposes
 

The entries in this section illustrate the recording of revenues and cash receipts in the accounting records. The entries are for illustrative purposes only and should not be considered all inclusive. Entries posted to GL Code Series 71XX “In-Process” in treasury and treasury trust accounts also require an entry from the Office of State Treasurer (OST), as illustrated below, to clear the In-Process GL Codes.

  Dr. Cr.
In-Process (71XX) xxx  
  Current Treasury Cash Activity (OST Only) (4310)   xxx

The entry would be reversed for In-Process debit amounts.

85.24.20

May 1, 1999

Estimated revenues
 

Refer to Section 85.15 of this manual for illustrations of budgetary entries to record and adjust estimated revenues.

85.24.30

May 1, 1999

Deposit of cash revenues
 

To record the deposit of cash revenues (refer to Subsection 85.20.10.e):

  Dr. Cr.
Cash in Bank (1110) or    
Receipts In-Process (7110) xxx  
  Cash Revenues (3210) (with appropriate revenue source code)   xxx

85.24.40

May 1, 1999

Cash over or short
 

To record cash over or short (refer to Subsection 85.20.10.d):

  Dr. Cr.
Cash Revenues (3210) Revenue Source Code (0490) - Cash
Over or Short
xxx  
  Cash In Bank (1110) or
Receipts In-Process (7110)
  xxx

Note: The entry assumes a cash shortage and would be reversed for a cash overage.

85.24.50

July 1, 2008

Recording adjustment for non-sufficient funds (NSF) check
 

The following entries illustrate the recording of the adjustment for a non- sufficient funds (NSF) check that was initially coded as revenue in a Treasury account. Refer to Section 85.22.

Upon receipt of the Cash Receipt Journal Summary (A8) from OST, the agency clears receipts in-process and establishes a receivable for the NSF check in the Suspense Account (Account 01P).

  Dr. Cr.
Other Receivables (1319) xxx  
  Receipts In-Process (7110)   xxx
       
 

Further entries depend on circumstances. Option 1 would be used when the agency is in a position to redeposit the NSF check within a day or two of its return by the bank. Option 2 would be used if there were a delay before redeposit of the NSF check.

 

OPTION 1

To record redeposit of NSF check within a day or two of its return by the bank. The agency is to prepare a Cash Receipt Journal Summary (A8) debiting/crediting Account 01P and submit it to OST.

Operating Agency - Suspense Account (Account 01P):
  Dr. Cr.
Receipts In-Process (7110) xxx  
  Other Receivables (1319)   xxx

 

OPTION 2

The agency prepares a Journal Voucher to clear the receivable in Account 01P and record the NSF check in the operating account.

Suspense Account (Account 01P):
  Dr. Cr.
Journal Vouchers In-Process (7140) xxx  
  Other Receivables (1319)   xxx

  Operating Account (originally recording receipt of NSF check):
  Dr. Cr.
Other Receivables (1319) or    
Cash Revenues (3210) with Revenue Source Code (0940) Deposit Adjustments and Returned Checks or the revenue source code used in the initial deposit. xxx  
  Journal Vouchers In-Process (7140)   xxx

  The agency is to forward a copy of the Journal Voucher to the Office of the State Treasurer for final clearance of Account 01P and reduction of cash in the Operating Account.

85.24.60

July 1, 2009

Subsequent collections of non-sufficient funds (NSF) check
 

To record the subsequent collection of an NSF check for which an adjustment was posted (refer to Subsection 85.24.50) and which is deposited with a Cash Receipt Journal Summary (A8). Refer to Subsections 85.22.30 and 85.22.40.

Operating Account:
  Dr. Cr.
Receipts In-Process (7110) xxx  
  Other Receivables (1319) or
Cash Revenues (3210) with Revenue Source Code (0940) Deposit Adjustments and Returned Checks or the revenue source code used in the initial deposit.
  xxx

85.24.65

July 1, 2009

Recording receipt of returned AFRS ACH payment
 

To record the deposit of an AFRS ACH expenditure payment that was returned electronically to the state.  Refer to Subsection 85.22.50.

  Dr. Cr.
Receipts In-Process (7110) xxx  
 

Cash Expenditures/Expenses (6510) or other GL Code as appropriate

  xxx

85.24.70

May 1, 1999

Undistributed receipts—account and/or revenue source not identified
85.24.70.a

To record deposit of moneys pending identification of the proper account and revenue sources. Refer to Subsection 85.20.50.

Undistributed Receipts Account (Account 01R):
  Dr. Cr.
Receipts In-Process (7110) xxx  
  Other Liabilities (5199)   xxx

85.24.70.b

To record reversal once the proper account and revenue sources are identified.

Undistributed Receipts Account (Account 01R):
  Dr. Cr.
Other Liabilities (5199) xxx  
  Journal Vouchers In-Process (7140)   xxx

85.24.70.c

To record deposit of receipts in the proper accounts and revenue sources.

Proper Account XXX:
  Dr. Cr.
Cash In Bank (1110) or
Journal Vouchers In-Process (7140)
xxx  
  Cash Revenues (3210) (with appropriate revenue source code)   xxx

85.24.80

July 1, 2009

Receipts placed in suspense

85.24.80.a

To record deposit of receipt in an operating account pending identification of the proper revenue sources. This entry assumes that the deposit is subsequently determined to belong in the operating account in which it was initially deposited. Refer to Subsection 85.20.60.

  Dr. Cr.
Cash In Bank (1110) or
Receipts In-Process (7110)
xxx  
  Cash Revenues (3210) Revenue Source Code (0920) Items Placed in Suspense   xxx

After researching the deposit, the agency determines the proper revenue coding.
  Dr. Cr.
Cash Revenues (3210) Revenue Source Code (0920) Items
Placed in Suspense
xxx  
  Cash Revenues (3210) (with appropriate revenue source code)   xxx

85.24.80.b

To record deposit of receipt in Suspense Account (Account 01P) pending identification of the proper account. Refer to Subsection 85.20.60.

Suspense Account (Account 01P):
  Dr. Cr.
Receipts In-Process (7110) xxx  
  Appropriate asset or liability GL Code   xxx

To record the transfer of monies from Suspense Account (Account 01P) to the appropriate operating account.

Suspense Account (Account 01P):
  Dr. Cr.
Appropriate asset or liability GL Code used in the original transaction above xxx  
  Journal Vouchers In-Process (7140)   xxx

Operating Account:
  Dr. Cr.
Journal Vouchers In-Process (7140) xxx  
  Cash Revenues (3210) (with appropriate revenue source code) or appropriate GL Code   xxx


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